ТБП Выращивание Томатов 2015

Machine Translated by Google
Investment project
creation of a greenhouse complex
www.pro-consulting.com.ua
Machine Translated by Google Greenhouse complex
CONTENT
1. SUMMARY OF THE PROJECT .............................................. ................................................ ...........3
2. PROJECT................................... ................................................ ..........................................4 2.1.
DESCRIPTION OF THE PROJECT................................................... ................................................ .....4
2.1.1. Aims and Objectives of the Project ............................................... .........................................4
2.1.2. Business Options .................................................................. ...............................................4
2.1.2 . The total cost of the project. Proposed sources of funding for the
Project .............................................................. ................................................. ...............................................7
2.1.3. Network schedule for the implementation and financing of the Project .........................................10
2.2. ORGANIZATIONAL AND PRODUCTION PROCESS OF THE
PROJECT ..............................................10 2.2.1 Location objects, area
scheme .............................................. 10 2.2.2. The technology of growing vegetables using the
method of small hydroponics. .................11 2.2.3. Description of production facilities and products
under the Project .............................13 2.2.3. Required Personnel and Human Resources Policy
for the Project ..........................................15 2.2.4 Legal Regulations Required
permits .................................................................................. ................................................. .........................17
2.3. TARGET MARKET ANALYSIS ............................................... .............................................19
2.3.1 . General characteristics of the market .................................................... ......................19
2.3.2. Analysis of the production of greenhouse vegetables .............................................. ..........19
2.3.3. Pricing .................................................................. ...............................................23 2.3. four.
Competitive environment................................................ ...............................................26 2.3.5.
International trade................................................ .............................................27 2.3.6 .
Conclusions................................................. ................................................. ..............30 2.4.
FINANCIAL ASSESSMENT OF THE PROJECT ............................................... ................................................
2.4.1. Initial data for calculations and their reasoning ..............................................31 2.4.2 . Project
Sales Forecast .............................................................. .................................31 2.4.3. Formation of
profit under the Project .............................................. ...................32 2.4.4. Cash Flow Forecast for
the Project .........................................35 2.4 .5. Loan maintenance schedule. Loan pledge. Rationale
possibility of servicing the borrowed loan .................................................................. .............37 2.4.6.

Calculation of the break-even point ............................................................... .........................39
2.4.7. Indicators of investment attractiveness and profitability of the Project (NPV, IRR, DPP, PI,
etc.) ................................... ................................................. .........................39 2.4.8. Scenarios for the
development of the Project............................................... ...............................42 2.5. PROJECT
RISK ANALYSIS .............................................. ...............................................44
2.5.1. Factor analysis of the risks of the Project.................................................... ....................44
2.5.2. Risk Mitigation Strategy .................................................................. ...............................44
2.5.3. SWOT analysis ............................................... ................................................. ......45 3.
CONCLUSIONS.................................... ................................................. ................................................46
2 www.pro-consulting.com.ua
1. Summary of the Project
Project concept The project involves the creation and development of a greenhouse complex for
growing vegetables according to Dutch technology using hydroponics
in one of the northwestern regions of Ukraine
Location Ukraine, Rivne region
Project period 6 years
Project Implementation Schedule Time required for 9 months

preparatory work
the date of the beginning January of the first year
preparatory phase for
of the project
Implementation start date October of the first year

products
Project's budget Project cost € 5 750 910

Including:
Own funds € 2 194 405
Credit funds Autonomy € 3 556 505
coefficient 0,38
Project Profitability Gross income € 13 818 600
Capitalized net
€ 4 520 556
profit
Total cash flow € 4 173 158
Discount rate 10,2%
DPP (discounted payback

5,45
Investment attractiveness of the project period), years
NPV (net present value)

€ 1 059 044
price)
IRR (internal rate
15,4%
yield)
PI (return on investment) 1,18
2. Project
2.1. Project Description
2.1.1. Goals and objectives of the Project
The project provides for the creation of a greenhouse complex for growing vegetables (tomatoes). The company will
focus its activities on the northwestern region of Ukraine, as the greenhouse complex will be built in the Rivne region. Greenhouse
area
will be 3 hectares, the total area of the complex will be 6 hectares. Estimated cost
project implementation is - € 5,750,910, of which 62% will be credit
funds and 38% own. Necessary equipment and consumables
supplied by ITE Agro, a subsidiary of the Dutch company Pebaco
B.V." Work is scheduled to begin in January of the first year. The preparatory stage will be 9
months, during this time work will be carried out on the construction of greenhouses and administrative
building, purchase of the necessary equipment and materials. In December the first
year it is planned to start selling the grown products.

…
The main objectives of the Project are:

•
organization of efficient production (operational) activities
•
attracting highly qualified professionals to work;
• …
• …
• …
Thus, the implementation of the Project will allow:

•
gain positions in the market for the production and sale of vegetable products;
•
make a profit from doing business, attract new
clients;
• …
• …
• …
2.1.2. Business Options

For the organization of settlements for the Project, the following business parameters were adopted,
which can be divided into groups:
• General parameters;
• Parameters of greenhouse operations;
• Taxation (state regulation). General parameters are used to describe the
main assumptions in the process
calculations that affect the financial part of the Project.
Table 1. General parameters for the project
No. p/p Parameter Assumptions

1. General parameters
1.1 Settlement period of the Project, years 6
1.2 Exchange rate (EUR / UAH) Exchange rate
1.3 (USD / UAH ) Exchange rate (USD / EUR )
1.4 Estimated interest rate on the loan, % per years
1.5 annum Estimated interest rate on the deposit, % per annum WACC 25 23
1.6 discount rate, % per annum 1.09
1.7 12.5% 6.5% 10.2%
The operating parameters of the greenhouse industry relate to the greenhouse area and costs,
that arise during the current operation of the greenhouse economy, namely:
administrative and economic expenses, cost of biosecurity, cost of chemical protection
the cost of pollination and other project operating costs.
Table 2. Parameters of greenhouse operations

2. Operating parameters of the enterprise Total
2.1 area of the land plot, ha Estimated cost of the land
2.2 plot, € per 1 ha Cost of renting 6 hectares of land per month, € 6 €1
2.3 Greenhouse area, m2 Cost of mineral fertilizers, €/ year (including 047 €
2.4 VAT) Cost of bioprotection, €/ year ( with VAT) Cost of chemical 5,23
2.5 protection, €/ year (with VAT) Mineral wool and materials for garters, 30000 €
2.6 €/ year (with VAT) Cost of pollination per year, €/ year (with VAT) 24 000 €
2.7 12 000 € 2 400
2.8 € 42 000
2.9 € 3 400
2.10 Communication costs, €/ month (VAT included) 2.11 € 100 €
Banking costs, €/ month (VAT included) 2.12 100 €
Administrative and economic expenses, €/ month (including VAT) 500
The taxation parameters were adopted according to the project, in accordance with Ukrainian legislation on taxation
of enterprises in the territory of Ukraine.
The activities of the enterprise for the cultivation of vegetable products are subject to a single tax.
Table 3. Taxation for the project

3 Taxation Single tax,
3.1 group 4 3,0%
I quarter 10%
II quarter 10%
III quarter 50%
IV quarter 30%
3.2 VAT VAT 20,0%
20,0%
3.3 Unified social contribution, % 37,19%
2.1.2. The total cost of the project. Alleged sources

project financing
The total cost of the Project is € 5,750,910.
The project will be financed both at the expense of the Project initiator's own funds, which in monetary
terms is € 2,194,405, and at the expense of
loan funds borrowed from a commercial bank in the amount of € 3,556,505 (Appendix
ÿ 3).
…
Figure 1. Structure of investments
Greenhouse complex
Table 4. Directions of investment
Own funds Loan funds

Expenditures Total Notes
Greenhouse
and installations
Design and approval of the project in public
Project € 50 000 € 50 000 institutions
Preparatory work network and
foundation € 400 000 € 400 000
Greenhouse structures (without glass and concrete) stand
height 6.0 m. Cultivation area 26784m2, nursery 4680m2,
office, locker rooms, boiler room and irrigation room
Greenhouse structures
2160m2. Seedling section can be used as a growing area
after growing seedlings Heating system, CO2 dosing, boiler
€ 1 069 725 € 1 069 725 room 2 boilers of 6 Gcal/h.
Heating system and CO2 dosing
Pipeline cost Vertical thermal storage € 533 950 € 533 950
€ 80 000 € 80 000
€ 62 500 € 62 500
Curtain system horizontal, single XLS 10
Screening system Irrigation € 161 250 € 161 250 Rev
system Climate computer € 176 050 € 176 050
+ electrical panels and panels, circulation
fans Assimilation lighting system Glass
Greenhouse installation works Drilling of € 248 350 € 248 350
a well and registration of permits
€ 1 184 000 € 1 184 000
€ 40 680 € 40 680
€ 450 000 € 450 000
€ 10 000 € 10,000
Administrative building and warehouses € 471,464 €
Installation of steel structures 471,464
Greenhouse complex
Own funds € Credit funds

Expenditures Total Notes
36,777
Cladding materials Cooling € 36 777
chambers € 80 000 € 80 000
Necessary equipment and materials for technological cultivation € 23,000 Toyota 7FBE10FV3000
Electric Loader Electric Carts € 23 000 € 83,000 BENOMIC 10 pcs. and chargers €
Harvesting Carts Suspended € 83 000 24,250
Grow Trays in Nursery Plastic € 24 250
tray on the ground € 201,675 € 201 675

Transportation of equipment and materials
Approximately 20 cars cost of one car 4500 € 90 000 € Working
Transportation € 90 000 capital replenishment
Replenishment of working capital € 93 499 € 93,499 To cover the costs of the first months of the project
PROJECT COST € 2 194 405 € 3 556 505 € 5 750 910
Percentage 38% 62%
Detailed itemized information on the sources of funding for the Project and areas of use of funds
presented in Appendix No. 3 and 4.
2.1.3. Network schedule for the implementation and financing of the Project
The project period according to the business plan is 6 years.
The start of design work and construction of the greenhouse is scheduled from January of the first
year, the start of providing finished vegetable products to wholesale buyers under the Project is scheduled from
December of the first year.
The time required to build a greenhouse, organize its work and search
required personnel is 9 months.
Table 5. Project activities and investment schedule
Month Kind of edge Funding

Sequential Calendar 1st month volume
January 1st year February 1st year • Design and approval of the project in public institutions € 16 667
- € 16,667; • Design and approval of the project in public
2nd month institutions - € 16,667; € 16 667
… … • … …
Total € 5 750 910
Detailed itemized information on the sources of funding for the Project and
directions for the use of funds is presented in Appendix No. 4, as well as in the figure.
2.2. Organizational and production process

Project
2.2.1 Location of objects, scheme of areas
The greenhouse complex planned by the Project will be located in one of the regions
Ukraine, where there is a demand for vegetable products and favorable conditions for
greenhouse facilities (on the territory of the Rivne region).
…
….
Figure 2. An example of a preliminary design of a greenhouse complex
2.2.2. The technology of growing vegetables by the method of small
hydroponics.
The hydroponics method is soilless. In hydroponic farms, each plant is in a special bag and does not
live in the ground, but in a substrate, which is usually mineral wool. Mineral wool, wrapped in a film, is placed in
special troughs. On top of the film has holes on which cubes with seedlings are installed. Seedlings take root in
grodan mats. Seedling cubes can also be from
mineral wool.
…
….
Benefits of low volume hydroponics:

• food regimen and pH setpoints are maintained (because Grodan
nutritionally neutral)
• the consumption of water and fertilizers is optimized (since precisely adjusted

amount of nutrient solution)
•
control over plant growth is improved (since by easily changing the nutrient
mode and irrigation regime can quickly influence the growth and development of plants).
• …
• ….
• …
Choice of variety
Tomatoes are divided into two types, one of them is “indeterminate”. These species grow vertically and must be supported
vertically with ropes or ropes. There is another type of tomato called “determinant”, which are distinguished by many shoots growing in
different sides and low in height.
….
There are several ways to place plants in greenhouses. For indeterminate varieties used in extended culture, the most
common is two-line, standing density is 2.5 plants per 1 m2
After placing seedlings on mats, plants begin to form.
….
Feeding with carbon dioxide
Plants require carbon dioxide for photosynthesis. The content of CO2 in the atmosphere
0.03%, but in the air of protected ground during the daytime with intensive photosynthesis it can
decrease to 0.01%. Those. Plants don't get enough carbon dioxide. However, in protected ground
it is possible to regulate the content of carbon dioxide in the air.
….
Tomato pollination
Fruiting in a tomato begins 2-2.5 months after planting seedlings. Although
tomato is a self-pollinating crop; in the conditions of a closed space of a greenhouse, ...
….
harvesting tomatoes
Harvest fruits in the red degree of maturity or in the pink degree of maturity. Usually
it is recommended to harvest in the pink degree of maturity, tk. more red fruits accelerate
maturation of the brush and thereby reduce the filling and the mass of adjacent fruits.
2.2.3. Description of production facilities and products according to

of the project
Greenhouse construction
The project provides for the construction of modern glass greenhouses
(cold house), with complete climate control system, including
heating, energy-saving screens, ventilation, CO2 supply system,
artificial lighting, drip irrigation of the substrate, drainage system.

…
….
The main surface of the walls and roof is formed by light-transparent structures,
attached to the frame. The glazing of the greenhouses will be single, the thickness of the glass will be 4 + 0.2 mm.
Heating system and CO2 dosing system

…
….
To protect against excessively high pressure, the boiler is equipped with two safety valves with water discharge pipes,
rated at 2.5 atm. Wherein
pressure valve will open.

…
….
Figure 3. Heating system
Drip irrigation system (irrigation) The main

element of the drip irrigation system are droppers (metered water supply devices, emitters). Droppers
according to their characteristics can be
compensated and non-compensated. The former have a fixed
productivity in a wide range of pressures, and in the latter, with increasing pressure, the flow rate also increases.
By design, droppers are external (in relation to the water supply line) and built-in, integrated.
….
Artificial lighting system

…
….
Blinds system
Access to direct sunlight into the greenhouse is very important
process. However, for a certain type of light crop, shading has a huge
meaning.
….
Electrical and climate computer systems
Today, advanced agronomists-technologists pay great attention to
an extended set of climate indicators, which includes leaf temperature,
leaf moisture, air temperature distribution along the vertical section of the greenhouse,
air movement speed. …

….
Impact of the project on the environment. Project Compliance
environmental regulations.
The proposed greenhouse project is an example of high environmental standards.
clean production.
•
greenhouse will be built in accordance with EN 13031 – 1 (European
greenhouse construction norm);

• …
• ….
• …
Product characteristic. Tomato
(tomato) is the most valuable vegetable crop. The name tomato comes from the Italian. pomo d'oro - golden apple.
Homeland - South America, where wild and semi-cultivated forms of tomato are still found
….
Tomato plants can propagate vegetatively (shoots and cuttings easily
take root) and seeds. The latter is the main method used in tomato culture.
2.2.3. Required personnel and personnel policy of the Project

This enterprise considers the development of human resources as one of the
the main conditions for achieving the set strategic goals.

…
….
The company will employ the following personnel:
Director - heads the greenhouse economy, monitors the production process
and organization of work in the economy, performs representative functions, concludes
contracts for the supply of products to wholesale buyers.
Chief accountant - keeps records of business activities at the enterprise.

…
The project organigram looks like this:
Figure 4. Organigram of the Project
Administrative staff:
• Director (1 person) • Chief
accountant (1 person) • Chief
agronomist (1 person) • Chief engineer
(1 person)
• Head of commercial department (1 person)
• Warehouse manager (1 person) • Sales
manager (2 people)
Production personnel support staff
• Electrician (1 person) • Security guard (8 people)
• Boiler house operator (4 persons) • Cleaning lady (2 people)
• Agronomist-technologist (2 people)
• Technical workers (18 people) • Loader
driver (2 people)
The number of staff will not increase, the staffing looks like
in the following way:
Table 6. Staffing
Monthly
General
Quantities Fund
Single
No about full-time salary for 1 payment Noted
Job title social expenses for
employee s y has
contribution payment
human labor
labor
a
Administrative
Monthly
General
Quantities Fund
Single expenses
No about full-time salary for 1 payment Noted
Job title social for
employee s y has
contribution payment
human labor
labor
a
personnel
Director Chief 1 € 320 € 320 € 119 € 439
1 accountant Chief 1 € 200 € 200 € 74 € 274
2 agronomist Chief engineer 1 € 200 € 200 € 74 € 274
3 4 Head of commercial 1 € 200 € 200 € 74 € 274
department Warehouse
5 manager Sales manager 1 € 200 € 200 € 74 € 274
Production staff Electrician
Boiler operator Agronomist-
6 1 € 160 € 160 € 60 € 220
technologist
7 2 € 160 € 320 € 119 € 439
8 € 120 € 120 € 45 € 165

9 1 € 120 € 480 € 179 € 659
10 4 2 € 120 € 240 € 89 € 329
Based on 6
Technical workers
11 18 € 100 € 1 800 € 669 € 2 469 people per 1
ha
12 Forklift driver Support staff 2 € 100 € 200 € 74 € 274
Based on 2
people, work
13 Guard 8 € 80 € 640 € 238 € 878 schedule
day / three
14 cleaning lady 2 € 80 € 160 € 60 € 220
2.2.4 Legal regulation required

permits
First of all, the project initiator should register the enterprise in accordance with
normal registration procedure. The project assumes that the registered
the enterprise will be a single tax payer (Group 4). According to article 291.4
of the Tax Code of Ukraine, agricultural producers can become
single tax payers, if the share of agricultural production for
the previous reporting year equals or exceeds 75 percent.
The products grown under the project must comply with certain
quality standards, currently in Ukraine there are the following regulatory
the documents:
Tomato
• …
Regulates the handling of fruit and vegetable products in the sphere of trade of Ukraine Order of the Ministry of Foreign Economic Relations
and Trade of Ukraine No. 344 "On Approval of the Rules for Retail Trade in Potatoes and Fruit and Vegetable Products" dated July 8, 1997. These rules
regulate the procedure for receiving, storing, preparing for sale and selling fresh, processed and canned potatoes, vegetables, and fruits, and also
determine the requirements for observing consumer rights regarding the proper quality of goods and the level of trade services.
2.3. Target market analysis

2.3.1. General characteristics of the market
Ukraine has significant opportunities for the development of the agricultural sector and
turning it into a highly efficient sector of the economy. Soil and climatic conditions
favorable enough for the cultivation of many types of crop production. Exactly
therefore, according to the decision of the Food and Agriculture Commission of the United Nations (FAO),
Ukraine is included among the states that should become donors in the near future
food in the world. Without a doubt, this conclusion also applies to the possibilities of Ukraine in the industry.
vegetable growing. The current state of the vegetable growing industry, as well as the entire agricultural
economy of Ukraine is characterized by the following features:
• the presence of many small commodity producers producing absolute
most vegetables, fruits, meats, etc.;
• …
• …
A huge role in the constant provision of the population with vitamins and minerals
play vegetables grown in greenhouses. In recent years, the desire of Ukrainians to diversify their diet with fresh
vegetables throughout the year has noticeably increased, and not
only in summer. So, …
In 2001, there was ...

Now in Ukraine there are more than seven dozen greenhouse plants, the largest of which are located
around large cities - JSC "Combine" Teplichny ", SOJSC" Kyiv Vegetable Factory ", ....
2.3.2. Analysis of greenhouse vegetable production

Over the past 10 years, the production of vegetables in industrial greenhouses had a positive growth
trend; in 2013, compared to 2000, production increased by 133% and amounted to 551.3 thousand tons. If in 2000
Ukraine produced about 100 thousand tons of greenhouse
the tomato, then in …, and the production of tomatoes - 525 thousand tons.
According to the results of 2014, the gross harvest of greenhouse tomatoes according to preliminary data
amounted to...
….
Figure 5. Dynamics of greenhouse vegetable production (thousand tons)
Source: Goskomstat
Table 7. Dynamics of greenhouse vegetable production (thousand tonnes)
2005 2007 2008 2009 2010 2011 2012 2013 2014
Greenhouse vegetables Cucumbers 276.5 287.7 295.3 374 375.9 398 424.6 551.3 481.1 131.3 145.7 181.7 195.8 236.6 134.1 135.7 140.8 177.3
Tomatoes Others 173.4 178.5 184.4
144,4 241.6 210.2 8.8 20.8179,8
44.4 46.8 Source: Goskomstat
196,3 262,9
11,1 7,6 16,9 23,2 34,3
The area under greenhouse vegetables from 2000 to 2014 increased by 78% and
make according to statistics 45126 thousand hectares. The area under greenhouse tomatoes at the end of
2014 is 18069.5 thousand hectares, which is 70% higher than the level of 2000.
Table 8. Dynamics of the area under greenhouse vegetables (thousand ha)
2005 2007 2008 2009 2010 2011 2012 2013 2014
Greenhouse vegetables 26686 26742 26190 28974 28731 31679 33229 49652 45126
cucumbers 12839 12980 12846 13841 13892 14806 15131 24705 22453
Tomatoes 10080 11266 11005 12124 11962 13317 13894 19882 18069
Other 3768 2497 2340 3009 2877 3557 4204 5066 4604
Source: Goskomstat
Figure 6. Dynamics of the area under greenhouse vegetables (thousand ha)
Source: Goskomstat
The yield of greenhouse vegetables until 2013 showed an annual increase, but already in 2013 it fell
by 13%, and in 2014 by another 4%. Tomato yield
increased in the period from 2000 to 2009, reaching a maximum of 1462.3 centners per hectare. In 2014, the
yield of greenhouse tomatoes amounted to 1163.2 kg/ha.
Table 9. Dynamics of yield of greenhouse vegetables (c/ha)
2005 2007 2008 2009 2010 2011 2012 2013 2014

Greenhouse vegetables 1036,3 1075,8 1127,6 1291 1308,5 1256,3 1277,4 1110,4 1066,1
cucumbers 1022,5 1112,3 1134,1 1299 1308,1 1326,2 1293,8 1064,2 1053,8
Tomatoes 1330,4 1204,6 1279,6 1462,3 1450 1340,4 1327,7 1215,4 1163,2
Other 1036,3 1075,8 1127,6 1291 1308,5 1256,3 1277,4 1110,4 1066,1
Source: Goskomstat
Figure 7. Dynamics of the yield of greenhouse vegetables (c/ha)
Source: Goskomstat
This increase in vegetable yields is the result of gradual modernization and

reconstruction of greenhouses. …
….
….
2.3.3. Price situation

The price situation in the greenhouse vegetable market, as well as in the vegetable market as a whole, is characterized
by significant seasonal fluctuations. The price reaches its lowest level during the period of mass collection - August - September,
and the highest in December - January.

…
Considering the price situation in the wholesale markets of agricultural products, we can say that at present there is a
the upward trend in prices for greenhouse tomatoes and cucumbers, while prices for other greenhouse
vegetables remain unchanged.

…
In the spring of 2014, the price situation with greenhouse vegetables on the wholesale market
agricultural products "Capital" (Kyiv) looked like this:
• The wholesale price for a greenhouse tomato is about 48-50 UAH/kg.
Figure 8. Dynamics of wholesale prices for greenhouse tomato. ORSP "Capital" (Kyiv), 2014-
2015 (UAH/kg)
Source: APIU "Stolichny"
Figure 9. Dynamics of wholesale prices for tomato. Market "Shuvar" (Lviv), 2014-2015 (UAH/kg)
Source: ORSP "Shuvar"
Figure 10. Dynamics of tomato producer prices Kiev region, 2014-2015 (UAH/kg)
Source: APK-Inform: vegetables & fruits
Figure 11. Dynamics of tomato producer prices in Lvosk region, 2014-2015
(UAH/kg)
Source: APK-Inform: vegetables & fruits
Analyzing the price situation, we can draw the following conclusion: the price level for
products of Ukrainian greenhouse farms directly depends on the main component
prime cost - gas prices. So, as the profitability of large greenhouse farms is now
minimum, then the enterprises have no choice but to raise prices for their products.
2.3.4. Competitive environment

The practice of cultivation on closed ground in Ukraine was first successfully applied back in 1946. The mass
construction of greenhouses in Ukraine fell on the period from
1965 to 1980. …
…
The depression ended in the early 2000s, when investors realized the financial prospects of this type of business and
the situation began to change towards the recovery of the industry. In 2001...
plants, as well as organized marketing channels for grown products. Today the Association includes
25 companies:
ÿ Combine "Teplichny" (Brovary, Kyiv region)
ÿ “Pectoral”, (Nikopol, Dnepropetrovsk region)

«…
ÿ In the total volume of winter greenhouses, almost a fifth part is occupied by farms specializing in growing cut
flowers, less often flower seedlings and potted plants. Moreover, almost all flower greenhouses use modern growing technologies,
planting material and new greenhouse structures, while "vegetable" farms still retain a significant part of the old greenhouses
Of these, the largest greenhouse farms can be distinguished: 1. "Combine" Teplichny
"" (48.5 hectares) - Kyiv region; 2. Uman greenhouse complex (33 hectares) -
Cherkasy region;
3. …
4. …
PJSC "Combine "Teplichny"
…..
The plant supplies its products to a hundred Kyiv outlets -

supermarkets, restaurants and markets. Since the competition in the capital is extremely intense,
established sales channels in Chernihiv, Zhytomyr and Kharkiv. 30–50% of production
exported to Russia.
"Uman greenhouse complex", Cherkasy region
….
Enterprise "Uman greenhouse plant" in 2011 became the leader

National rating of the quality of goods and services among enterprises operating in the field
vegetable growing.
SOOO «…»
…
A significant share of vegetables is sold through company stores in Simferopol, and there is an exit
trade in the markets. In addition to branded stores, vegetables are sold by vegetable shops, cafes, canteens,
and individual entrepreneurs throughout Crimea.
2.3.5. International trade

Import
Over the past few years, import substitution has become a major trend
development of the Ukrainian food industry. Despite the fact that a large number
of own vegetables is hindered by the rapid flow of imported vegetables into Ukraine, imports
vegetables to the domestic market of the country is constantly growing.
According to the State Statistics Committee, from 2006 to 2014, imports of tomatoes increased by 15.5 times,
cucumbers - 11 times and amounted to 45.4 thousand tons in 2014, respectively.
Figure 12. Dynamics of imports of tomatoes and cucumbers, thousand tons
Source: Goskomstat
The main importers of vegetables to Ukraine are Turkey, Spain, Poland,

Netherlands, Italy and other countries. At the same time, Turkey is the undisputed leader - supplying 96% of
imported cucumbers and 82% of imported tomatoes.
Figure 13. Structure of imports of cucumbers and tomatoes in 2014
Source: Goskomstat
Export
The export of vegetable products accounts for 6% of the total production and remains a very promising
marketing channel for large farms and farmers' associations.
Figure 14. Dynamics of exports of tomatoes and cucumbers
Source: Goskomstat
The main export market for domestic greenhouse products remains
Russia. There is a very high demand for such products.
Figure 15. Export structure of cucumbers and tomatoes in 2014
Source: Goskomstat
The markets of the countries of the European Union for the domestic manufacturer remain
only in perspective. Analyzing these indicators, it is possible to determine the possibilities of Ukraine in
export of vegetable products.
The main reasons for the low level of exports in Ukraine:
• concentration of vegetable production in the households of the population (89%), which does not allow the
formation of large sales volumes that are attractive to foreign
wholesale buyers;
• …
In addition, Europeans want to buy environmentally friendly (organic) products, which requires more stringent quality
management, control and certification of production, and not just the products themselves.
2.3.6. conclusions
Analysis of the state of production of greenhouse vegetables allows you to make
the following conclusions:
1. In Ukraine, the trend of self-sufficiency of the population of vegetable
products. The market is filled with vegetables from households in June-July, and
Peak demand is in April-May.

2. ….
….
2.4. Project Financial Evaluation

2.4.1. Initial data for calculations and their reasoning
The initial data for calculations are conditionally divided into the following groups:
1) Prerequisites for calculating the required investment
…
The amount of funds needed to replenish working capital was calculated
based on the coverage of the negative cash flow balance in the first months of operation
enterprises.
2) Prerequisites for the formation of a sales plan
The sales plan for the greenhouse complex was formed based on the yield of ….
3) Prerequisites for the formation of costs for the Project
Staff salaries. Payroll costs
staff was calculated based on ...
Costs for administrative and economic expenses were calculated based on
the size...
The rent for the use of the land plot was calculated on the basis of
minimum cost...
Heating and electricity costs were calculated based on …
Other costs were taken into account in the amount calculated at the level of actual
costs according to market operators, as well as its specialists.
4) Prerequisites for calculating depreciation allowances Depreciation allowances are
a legitimate method of reducing taxable
profits, and hence the income tax paid by the enterprise.

O…
2.4.2. Project sales forecast

The total volume of cash receipts for vegetable products is planned
at the level ...
Table 10. Seasonality of production and sales of products
Growing
Month Selling prices,
tomatoes, kg/m2 Selling prices, €
UAH 25
January 5,4 UAH 25 2.36 €
February 6,0 UAH 2.36 €
Detailed information regarding forecasted sales volumes is presented in
Applications No. 11.
Greenhouse complex
2.4.3. Formation of profit under the Project

For the entire forecast period, profit and cost indicators make it possible to form the amount of accumulated net profit.
(Appendix 12).
Table 11. Profit and Loss Statement for the Project
Project Months 1 year 2 year 3 years 4th 5 years 6 years TOTAL

Sales (Gross income) VAT year €2,136,600 €2,336,400 €2,336,400 €2,336,400 €2,336,400 €2,336,400 €13,818,600 €389,400 €389,400 €389,400 €2,303,100 € 952
Cost of goods sold (services) € 356 100 €601 52 €601,529 €601,529
€ 389 400
€601,529 €601,529
€57,351 €
€3,609,171
57,351 €344,106
€€388,363
389 400
€20
€388,363
0 0 0 0 0€10,000
€388,363
0 0 0 € €60,000
€€2,330,179
120,000 €10,000
€57,351
€10,000
Gas consumption Electricity consumption Mineral fertilizers Biosecurity
Chemical protection Mineral wool and garter materials Bumblebees € 388 363 € 388 363 € 388 363
€ 57 351 € 57 351 € 57 351
€ 20 000 € 20 000 € 20 000
€ 10 000 € 10 000 € 10 000
€ 2 000 € 2 000 € 2 000 € 2 000 € 2 000 € 2 000 € 12 000
€ 34 653 € 34 653 € 34 653 € 34 653 € 34 653 € 34 653 € 207 919 €
€ 2 833 € 2 833 € 2 833 € 2 833 € 2 833 € 2 833 17 000 €
Land rent Staff € 63 € € 63 € € 63 € € 63 € € 63 € € 63 € 377 € 377
salaries Unified social contribution 62 880 € 62 880 € 62 880 € 62 880 € 62 880 € 62 880 € 280 € 140
23 385 23 385 23 385 23 385 € 23 385 23 385 310
Gross Profit (Gross profit (loss)) Other operating income 1 178 971 € 1 345 471 € 1 345 471 € 1 345 471 € 1 345 471 € 1 345 471 € 7 906 329 € 0
€0 €0 €0 €0 €0 € 0
In accordance with forecast calculations, the formation of profit for the Project as a whole
presented in a table as well as graphically.
Table 12. Formation of profit under the Project
Indicator Gross 1 year 2 year 3 years 4 year 5 years 6 years

sales proceeds
Operating expenses € 2 136 600 € 2 336 400 € 2 336 400 € 2 336 400 € 2 336 400 € 2 336 400
Depreciation and
amortization Net € 608 529 € 608 529 € 608 529 € 608 529 € 608 529 € 608 529
income € 405 313 € 405 313 € 405 313 € 405 313 € 405 313 € 405 313
€ 441 763 € 610 903 € 737 618 € 864 333 € 932 970 € 932 970
Figure 16. Formation of profit under the Project
Table 13. Profitability of the Project
Index 1 year 2 year 3 years 4 year 5 years 6 years

Total Revenues
(Gross revenue) € 2 136 600 € 2 336 400 € 2 336 400 € 2 336 400 € 2 336 400 € 2 336 400
Gross Profit
€ 1 178 971 € 1 345 471 € 1 345 471 € 1 345 471 € 1 345 471 € 1 345 471
The table shows the phased formation of the profitability of activities

complex, taking into account various factors:
• Gross profit Margin, % (gross profit margin, %) – gross margin – shows the profitability of the
greenhouse complex for growing vegetables, taking into account the cost of products sold.
• …
Figure 17. Gross Revenue and Gross Profit Margin for the Project
Figure 18. Net income and return on sales for the Project
2.4.4. Project Cash Flow Forecast

During the implementation of this Project, an increase in cash flows is expected.
(Calculation of cash flows for the Project is presented in Appendix No. 13) Receipts Receipts from the
project consist of the following items:
• Proceeds from the sale of vegetable products

• …
The start of proceeds from the sale of vegetable products is planned from the first month
implementation of the Project, with a further change in the amount of proceeds depending on the yield
and seasonality. Thus, for…
The next item of income is own funds, which will be
invested during the preparatory period and amount to …
Another source of income is credit funds in the amount of ..
Pre-project months Credit funds

4 month …
… …
Payments
Payments under the Project are provided by operating expenses, financial

expenses, tax payments and deductions, as well as CAPEX expenses
(investment costs).
…
Table 14. Project operating costs
Specific gravity
Share in total in pure
Project Costs In just 6 years expenses gross
income
Gas consumption € 2 796 215 67,6% 24.3%
Electricity consumption Mineral € 412 927 10,0% 3.6%
fertilizers € 144 000 3,5% 1.3%
The forecast structure of operating expenses is as follows:
Figure 19. Structure of operating expenses of the greenhouse complex
The total amount of investment costs (CAPEX) for the Project will be
…
Project …
Preparatory work network and foundation …

… …
… …
Payments to the budget:
• a single tax, the amount of which for the billing period will be … www.pro-
36 consulting.com.ua
• unified social contribution, based on the rate - 37.19% will be ...;

• VAT - …
According to Art. 297 of the Tax Code of Ukraine, single tax payers do not pay
the following types of taxes:
1. Corporate income tax

2. …
• single tax payers of the fourth group;

3. Property tax (in terms of land tax), except for land tax for
land plots that are not used by single tax payers of the fourth
groups for agricultural production
4. …
More detailed information on the movement of cash flows is presented in

Applications No. 13.
2.4.5. Loan maintenance schedule. Loan pledge.

Substantiation of the possibility of servicing the attracted loan
The schedule for the selection and repayment of the attracted loan (Appendices No. 5, 6) is built with
taking into account the planned launch schedule of the Project and the stages of its implementation, as well as taking into account
grace period for repayment of the loan body and capitalization of interest within eight
months after the start of the loan drawdown.

The interest for the use of credit funds will be 12.5% per annum.
In this case, the schedule for the selection and repayment of investment funds will look like
in the following way:
Table 15. Loan selection and repayment schedule
Indicator 1 year 2 year 3 year Year 4 Total € 0 € 3 556

Loan drawdown €3,556,505 €0 €0 505 € 760 289 € 1 013
Loan repayment 719 1 013 719 € 1 013 719 € 3 801 446 € 324 707 € 910 763 € 0
Interest payment € 322 067 € 195 352 € 3 € 68 637
Loan debt 041 157 € 2 027 438 € 1 013 719 €0
The loan service schedule is as follows:
Figure 20. Loan servicing schedule
At the same time, the greenhouse itself can act as collateral for the loan.
equipment that is planned to be purchased according to the concept of the Project.
Based on the income and cost data included in the calculations, the sampling schedule
and repayment of the loan, taking into account the specifics of the implementation and implementation of the project, as well as
received financial calculations, the greenhouse complex for growing tomatoes has
the ability to properly service the loan and pay interest on time.
On the basis of the calculated forecast indicators of project activity, it is expected
the following possibilities of servicing attracted investments.
Table 16. Calculation of the debt service ratio for a loan
Project months 1 year Amortization € 405,313 Net profit for the Year 2 Year 3 € 4th
period € 441,763 Payment of interest and commissions on
loan
the€ 405,313 € 405,313
610,903
€ € year
324,707 Repayment of principal on the loan € 760,289 737,618 € 322,067 €
195,352 € €405,313
1,013,719 € 1,013,719
1,013,719
€ €864,333 €68,637
The obtained data testify to the high ability of the enterprise

pay off their obligations. …
The repayment of the loan and the payment of interest on it will be carried out according to the schedule,–
Appendix No. 5,6.
2.4.6. Break even point calculation

To ensure a break-even volume of tomato production, that is, a volume at which the amount of growing
costs is equal to the amount of income, and the profit is 0, the enterprise needs to grow and sell 522,590 kg of
tomatoes.
The average annual price for 1 kg of tomatoes to obtain 0 profit on the project, that is, work at the
break-even point, should be - € 0.68 without VAT.
The break-even point for the project is equal to an income of € 678,322 .
The financial safety margin is the amount by which the planned sales volume
services will exceed the break-even point, will be - € 1,268,678 or 65%.
Figure 21. Break-even chart
2.4.7. Indicators of investment attractiveness and

profitability of the Project (NPV, IRR, DPP, PI, etc.)
Calculation of the discount rate The
discount rate is the rate that the buyer or investor expects
receive from the investment of their funds in the Project.
In the calculations, a model for determining the discount rate using the weighted average cost of
capital method was used. According to this model, the discount rate (WACC - Weighted Average Cost of
Capital) is determined as follows:
WACC = kd *wd +ks*ws
where:
Kd - the cost of borrowed capital, the company, according to the cost

attraction of credit funds (the rate on a loan in euros was taken into account) - 12.5%
Wd - the share of borrowed (investment) capital in the capital structure of the enterprise -
62%
Ks is the cost of equity capital raised (average

euro deposit rate, as an alternative to equity placement) – 6.5% Ws – equity share in the company's
capital structure – 38%. Thus, the discount rate using the WACC method during the Project
implementation period for
company will be - 10.2%,
WACC=12,5 % * 68% + 6,5 % * 32% = 10,2 %
At this level of discount, the following indicators were obtained, characterizing
project implementation efficiency:
Table 17. Performance indicators
Size
Index Meaning
measurements
Discounted payback period - DPP Project period PP Net Present Value - NPV Internal rate months
of return - IRR Profitability index - PI Return on sales (Return On Sales, Net Profit Margin) months
- ROS Return on investment - ROI EUR
%
ate
%
%
The calculation of the level of investment indicators is presented in Appendix No. 17.
The Project performance indicators are characterized as follows:
Project Net Present Value (NPV)
This indicator, according to the data of the Table, is greater than "0".
…
Project Internal Rate of Return (IRR)

Calculation of the net internal rate of return (IRR) is given in Appendix No. 17.
Internal rate of return (average return on invested capital provided by a given
investment project) is equal to ..
…
Figure 22. Internal rate of return
Discounted payback period of the Project The

discounted payback period of the Project is …
Figure 23. Discounted payback period of the Project
Investment profitability indicators
For this Project, the investment profitability index …
The return on investment shows the amount of net profit, ...
Return on sales is used to control not only
the cost of services sold, but also for changes in the pricing policy
enterprise and characterizes the operating efficiency of the company. …
2.4.8. Project Development Scenarios

During the implementation of the project, it is possible to deviate from the planned indicators laid down
in the project, from those received, on the basis of this, to determine the possible risks of implementation
project, two scenarios for the development of the project were considered: 1)
Scenario of changes in sales proceeds:
Figure 24. Correlation of NPV and changes in sales volume
2) Scenario of changing the cost of cultivation:

ÿ
At the same time, the correlation between the cost of production for the Project and the NPV of the Project is as
follows:
Figure 25. Correlation of NPV and cost changes
2.5. Project Risk Analysis

2.5.1. Factor analysis of the risks of the Project
Risk of Lost Financial Benefits and Consumer Risks
…
Market risk
…
Regulatory risk
This risk arises from the adoption by the competent authority of legally
significant decisions of a regulatory nature (VRU, Cabinet of Ministers, executive authorities,
local councils) that directly or indirectly affect
activities of the greenhouse industry, as well as unforeseen activities of the authorities
state power or individual officials regarding the adoption of power
decisions, the direct or indirect consequence of which may have a negative impact on
greenhouse activities.
Risk of changes in tax legislation

…
Financial risks
This category of risks includes risks that may lead to
the possibility of non-return of attracted investments in the planned time frame and with the planned
the internal rate of return for the Project. In addition, financial risks include:
…
Separately, it should be noted that about half of the cost of growing tomatoes
depends on the price of industrial gas. And the rise in prices for this type of raw material is growing every year.
This type of risk is at a high level.
Production risk This type of risk
includes:
• …
2.5.2. Risk Mitigation Strategy

To prevent risks, as already partially mentioned, can be taken
decisions on the application of the following measures:
ÿ Constant monitoring and analysis of proposals for prices for tomato products
other market operators;

ÿ
2.5.3. SWOT analysis
Table. SWOT analysis for the Project
Strengths (S) Weaknesses (W)
ÿ Use of advanced technologies in the Project, ÿ Probability of plant diseases;
such as high quality greenhouse ÿ

…
equipment and highly qualified personnel,
allowing to increase the profitability of the project;

ÿ
…
Opportunities (O) External Threats (T)
ÿ Increasing sales volume check ÿ The occurrence of diseases and quarantines, which
use of new production technologies; can have a significant negative impact on

ÿ
… ability to meet all needs
production of tomatoes;
ÿ
…
3. Conclusions
The purpose of the Project is to create and develop a greenhouse complex for growing
vegetables (tomatoes) and occupying a niche in the market.
The cost of the project is …
The project is profitable and effective for implementation, which is confirmed not
only indicators of profitability and profitability, but also indicators of investment
attractiveness. So:
• the level of net profit for 6 project years will be €…
• the total cash flow for 6 project years will be …
The discount rate of the Project is 10.2%, at which the following
indicators of investment attractiveness:
• Net Present Value of the Project – …
• The IRR at the level of … is higher than the discount rate by .. which justifies the
profitability of the Project for
investor.
• Discounted payback period .
…
The performance indicators of the Project indicate the existence of a "margin of safety" of the
Project, which guarantees the timely return of loan funds even in the event of negative deviations of the
actual data of the Project implementation from the calculated ones.
…
The main cons in this business is…

ТБП Выращивание Томатов 2015

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creation of a greenhouse complex

possibility of servicing the borrowed loan .................................................................. .............37 2.4.6.

1. Summary of the Project

Project Implementation Schedule Time required for 9 months

Implementation start date October of the first year

Project's budget Project cost € 5 750 910

Own funds € 2 194 405

Credit funds Autonomy € 3 556 505

Project Profitability Gross income € 13 818 600

Discount rate 10,2%

DPP (discounted payback

NPV (net present value)

project implementation is - € 5,750,910, of which 62% will be credit

funds and 38% own. Necessary equipment and consumables

supplied by ITE Agro, a subsidiary of the Dutch company Pebaco

year it is planned to start selling the grown products.

The main objectives of the Project are:

Thus, the implementation of the Project will allow:

2.1.2. Business Options

which can be divided into groups:

• Parameters of greenhouse operations;

• Taxation (state regulation). General parameters are used to describe the

main assumptions in the process

calculations that affect the financial part of the Project.

Table 1. General parameters for the project

No. p/p Parameter Assumptions

administrative and economic expenses, cost of biosecurity, cost of chemical protection

the cost of pollination and other project operating costs.

Table 2. Parameters of greenhouse operations

No. p/p Parameter Assumptions

of enterprises in the territory of Ukraine.

Table 3. Taxation for the project

No. p/p Parameter Assumptions

2.1.2. The total cost of the project. Alleged sources

Figure 1. Structure of investments

Table 4. Directions of investment

Own funds Loan funds

Own funds € Credit funds

tray on the ground € 201,675 € 201 675

Table 5. Project activities and investment schedule

Month Kind of edge Funding

Total € 5 750 910

2.2. Organizational and production process

Figure 2. An example of a preliminary design of a greenhouse complex

2.2.2. The technology of growing vegetables by the method of small

Benefits of low volume hydroponics:

• the consumption of water and fertilizers is optimized (since precisely adjusted

different sides and low in height.

common is two-line, standing density is 2.5 plants per 1 m2

After placing seedlings on mats, plants begin to form.

Feeding with carbon dioxide

it is possible to regulate the content of carbon dioxide in the air.

Fruiting in a tomato begins 2-2.5 months after planting seedlings. Although

tomato is a self-pollinating crop; in the conditions of a closed space of a greenhouse, ...

2.2.3. Description of production facilities and products according to

The project provides for the construction of modern glass greenhouses

(cold house), with complete climate control system, including

heating, energy-saving screens, ventilation, CO2 supply system,

artificial lighting, drip irrigation of the substrate, drainage system.

Heating system and CO2 dosing system

rated at 2.5 atm. Wherein